After doubling the value of Tesla Inc. shares over the past three months, investors are taking a breather on Thursday following the electric-vehicle maker�s fourth consecutive quarterly profit, which was widely anticipated by the market.

Tesla�s market valuation of $280 billion now dwarfs even the biggest of the traditional carmakers, as its stock soared 262% this year, even after a steep decline in February-March on coronavirus-related concerns. The shares dropped as much as 7% to $1,480.77 on Thursday, after initially rising on the news of second-quarter profit and the enhanced possibility it will enter the S&P 500 Index.

With the latest results out of the way, the focus will turn to Tesla�s growth rate, especially as its valuation now compares with some of the most valuable technology companies.

While the company�s vehicle delivery numbers and quarterly profit were impressive, �automotive revenue declined 4% year-over-year and has been in a downward trajectory since peaking in the fourth quarter of 2019," Needham analyst Rajvindra Gill wrote in a note to clients. Gill noted that free cash flow was also down from the year-ago quarter, which Tesla said was due to a higher percentage of deliveries occurring at the end of the quarter.